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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 03 September 11
FEW SHIPS REPORTED FIXED FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued the upward trend during last week with BDI up by about 13 pct closing at 1,740 points and cape index up ...
Saturday, 03 September 11
TNPL TO BUY 240K MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure 240,000 MT +/- 5 percent of non-coking imported coal with ...
Friday, 02 September 11
CAPESIZE DEMAND LIFTS DRY BULK MARKET ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what proves to be the best week of the year for Capesize owners, strong demand has helped propel the dry bulk market to new highs yesterday. The ...
Thursday, 01 September 11
EWP TO BUY 195KT OF VIETNAM COAL
COALspot.com - Korea Midland Power (KOMIPO) has issued an International open bidding for 490kt of sub bituminous coal, according to a bid invitation ...
Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry ...
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- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- PTC India Limited - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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